Kriptokoin.com - Ripple (XRP) extended its decline and tested the $ 0.2800 support against the US dollar. According to popular analyst Aayush Jindal, as long as the XRP price is above the $ 0.2800 support, it will start a slow and steady upward trend.
Ripple failed to stay above the $ 0.2850 support and tested the $ 0.2800 zone against the US dollar.
The price slid to a new weekly low at $ 0.2790 and is now well above the 100 hourly SMA.
There was a break above a key bearish trend line with resistance near $ 0.2900 on the hourly chart of the XRP / USD pair (data source from Kraken).
The pair is currently struggling to gain bullish momentum above $ 0.2905 and $ 0.2920.
Ripple dropped below $ 0.30! What will happen now?
Ripple has seen a mostly bearish trend below $ 0.3000 in the last three sessions. XRP price did not even stay above the $ 0.2850 support and fell well below the 100 hourly simple moving average. A new weekly low was formed around $ 0.2790 and the price is currently rising. There was a break above the $ 0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $ 0.2900 on the hourly chart of the XRP / USD pair.
Ripple slid above the 23.6% Fib retracement level of the recent decline from $ 0.3274 to $ 0.2790. However, the bulls seem to be struggling to gain strength above the $ 0.2905 and $ 0.2920 resistance levels. If there is a clear break above the $ 0.2920 resistance, the price could rise towards the $ 0.3000 resistance.
Here are the critical levels Ripple can see in the short term
There seems to be a major hurdle forming near the $ 0.3000 level and the 100 hourly SMA, according to the analyst. The 50% Fib retracement level of the last drop from $ 0.3274 to $ 0.2790 is also near $ 0.3030. A successful close above $ 0.3000 and $ 0.3020 could open the doors for a new increase. In this case, the price could rise to the levels of $ 0.3120 and $ 0.3155.
The main support is clearly near the $ 0.2800 zone, according to the analyst. If Ripple fails to break above $ 0.2920, there is a risk of falling below $ 0.2800. The daily close below the $ 0.2800 support level may open the doors for a larger drop. The next major support could be $ 0.2650 and $ 0.2620, according to the analyst.
Current view of Ripple price with technical indicators
Hourly MACD: The MACD is slowly entering the bullish zone for the XRP / USD pair.
Hourly RSI (Relative Strength Index): The RSI for XRP / USD is just above the 40 level.
Major Support Levels: $ 0.2820, $ 0.2800 and $ 0.2750.
Major Resistance Levels: $ 0.2905, $ 0.2920 and $ 0.3000.
